India’s Prime Minister Modi asked citizens to stop buying gold for a year, in an appeal aimed at defending the country's foreign exchange reserves.
The rupee has weakened alongside other emerging-market currencies since the Middle East war broke out on February 28, sending oil and gas prices higher.
India is one of the world's largest consumers of gold, which is culturally significant and prized as an investment asset; the metal also comprises ~17% of India's central bank forex reserves as of the end of March.
Front-month Comex gold (XAUUSD:CUR) for May delivery fell less than 0.1% to $4,718.70/oz, while front-month Comex May silver (XAGUSD:CUR) surged 6.3% to $85.485/oz, its largest one-day dollar and percentage gain since February 27 and best settlement value since March 10.